Yahoo’s new head: Paypal's Scott Thompson

Scott Thompson, the president of online payments firm Paypal named as its new head of US web portal Yahoo. Currently Yahoo is undergoing an intentional review as it has failed to keep up with rivals such as Google. Markets gave the news a cool response. Shares in Yahoo were down 3.1% at the close of trading in New York. According to Yahoo Chairman Roy Bostock, Scott brings to Yahoo a confirmed record of construction on a solid basis of existing possessions and resources to reignite modernization and drive growth, precisely the formula we need.

Yahoo's share price has stagnated at about $15 ever as late 2008, refusing to go above $20, after it discarded an offer from Microsoft to buy up the group at $33 a share. In September last year the poor performance provoked Yahoo's board to ignominiously turf out Carol Bartz. However, its dominion of webmail - and the auxiliary services it offers its email account holders - is under threat as younger users migrate to social media sites such as Facebook and Twitter.

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